Smith & Williamson plans to float in 2019

The need to upgrade Smith & Williamson's technology means the company’s planned stock market listing will not happen until late 2019.

David Cobb, the company's co-chief executive, said: "To execute our longer term growth strategy, we have already announced our intention to prepare for a potential stock market listing. This will not take place until we have completed our major investment in new technology platforms, and these are unlikely to be complete before the second half of 2019."

His comments are contained the annual financial statement for the company, which covered the year to 30 April. In that period, the company reported a profit of £46.2m, an increase of 13.8 per cent on the previous.

Funds under administration increased by 27.2 per cent to £11.7bn.

Kevin Stopps, co-chief executive of Smith & Williamson, said: "This was another year of solid progress for the group and builds on our longstanding position of strength. We delivered increased profitability, while also continuing to make material investments in our people and technology to support our future success.

"In the face of ongoing economic and political uncertainties, our performance once again demonstrated the value of our business model and the strength of our client relationships.

"In particular, it underlined the importance of our client-centric approach, through which dedicated and committed individuals deliver high-quality advice to private clients and their business interests."

Mr Stopps said regulatory issues were a cost to the business and the pace of the change has been a challenge.